32RDutiable value of transactions

32R Dutiable value of transactions (1) For the purposes of this Division, the dutiable value of the option referred to in section 32Q(1)(a) is the greater of— (a) the consideration that would need to be given to complete the sale or transfer contemplated by the option (including any consideration already given for the option); and (b) the amount for which the property might reasonably have been sold if it had been sold, free from encumbrances, in the open market on the date on which the option was granted. S. 32R(2) substituted by No. 84/2008 s. 6(5). (2) For the purposes of this Division, the dutiable value of a subsequent transaction referred to in section 32Q(1)(b) or (c) is the greater of— S. 32R(2)(a) amended by No. 28/2017 s. 34(1). (a) the consideration given or agreed to be given by the subsequent purchaser or an associate of the subsequent purchaser in order for the subsequent purchaser to obtain or assume the transfer right under the transaction, other than any increase in consideration that arises because of the operation of section 32V; and (b) the amount for which the property might reasonably have been sold if it had been sold, free from encumbrances, in the open market on the date on which the subsequent transaction was entered into. S. 32R(3) inserted by No. 84/2008 s. 6(5), repealed by No. 28/2017 s. 34(2). S. 32S inserted by No. 36/2005 s. 10.